Honduras: protecting bank customers

Clients now have better access to information about the products and services provided by banks and other financial institutions, as well as better protection, following the entry into force at the end of last year of rules, intended to strengthen transparency and to protect customers.

Currently, clients of financial institutions can request information about their accounts in digital format, delivered electronically, in this way avoiding the need to visit the institution, and receive physical documents.

Likewise, agreements are binding, which are entered into electronically between a financial institution and its customer.

Additional customer protection comes from an obligation on the part of a financial institution, to disclose to a potential client, the conditions of any proposed agreement.

Also, a financial institution now has ten working days, within which to reply to a complaint made by a customer in Honduras, compared to 30 days, under the old rules.

In the case of an external transaction, the institution has 20 days to respond.

For more information, please contact Patricia Solórzano, at psolorzano@consortiumlegal.com.hn, or (504) 2221-1002 ext. 172.